The Financial institution of Punjab (BOP) has appointed M/s. KPMG Taseer Hadi & Co. as its marketing consultant to undertake a complete examine to evaluate the feasibility and conversion dynamics for transformation of BOP’s typical banking operations into Islamic banking. The ceremony to formalize this engagement passed off on the BOP Head Workplace and was attended by the senior administration of BOP together with representatives from KPMG. The underpinning goal of this feasibility examine is to holistically assess the potential implications, challenges, and operational intricacies {that a} conversion to Islamic Banking could contain. This inaugural step, whereas important, is a part of a complete course of that may ultimately decide the path BOP’s banking operations will take.
The Financial institution of Punjab (BOP) stands as a outstanding monetary establishment inside the nation, boasting PACRA Scores of AA+ for the Lengthy Time period and A1+ for the Quick Time period. It maintains a community of 780 branches and sub-branches spanning Pakistan, comprising 640 Standard branches (82%) and 140 Islamic Banking branches (18%).
Given its rising recognition amongst faith-based clients, cost-effectiveness, and substantial potential for increasing market presence, Islamic Banking has emerged as a strategic development space for the Financial institution. This development aligns with the altering panorama, significantly within the aftermath of the latest ruling by the Federal Shariat Court docket pushing for a shift from an interest-based system to an Islamic monetary system. In gentle of this, BOP is actively exploring the potential for changing its Standard Financial institution right into a fully-fledged Islamic Financial institution.
Beneath the imaginative and prescient and steering of its Board of Administrators (BOD), The Financial institution of Punjab has devoted the previous three years to bolstering the capabilities of its Islamic Banking Group (Taqwa). This has been achieved by means of the introduction of cutting-edge Shariah-compliant services and products, alongside distinctive buyer care delivered by way of devoted Islamic banking branches and over 50 Islamic banking home windows (IBWs) built-in into its typical branches throughout the nation.
With unwavering dedication, The Financial institution of Punjab is steadfast in its dedication to increase the attain of Islamic banking all through Pakistan within the upcoming years. The financial institution locations particular emphasis on areas corresponding to Khyber Pakhtunkhwa and merged areas, Gilgit-Baltistan, Sindh, and Balochistan. This growth will likely be completed by means of the institution of fully-fledged Islamic banking branches, in addition to the combination of Islamic banking home windows (IBWs).